Quarterly report pursuant to sections 13 or 15(d)

STOCK WARRANTS AND OPTIONS (Tables)

v2.4.0.8
STOCK WARRANTS AND OPTIONS (Tables)
 3 Months Ended
Mar. 31, 2014
Notes to Financial Statements  
Summary of Current Warrant Activity

    Common Stock Warrants   Weighted Average Exercise Price
  Outstanding – January 1, 2013       1,330,953     $ 0.45  
       Issued       —         —    
       Exercised       —         —    
       Expired       (714,286 )     0.40  
  Outstanding – December 31, 2013       616,667       0.51  
       Issued       —         —    
       Exercised       —         —    
       Expired       266,667       0.40  
  Outstanding – March 31, 2014       350,000     $ 0.60  
  Exercisable – March 31, 2014       —         —    

Summary of Stock Options Pricing

  Options issued
three months ended
March 31, 2014
Dividend yield   0 %
Expected volatility   86 %
Risk free interest rate   1.73 %
Expected life (years)   5.00  

Summary of Stock Option Activity

    Common Stock Options   Weighted Average
Exercise Price
  Outstanding – January 1, 2013       100,000     $ 0.25  
       Issued       —         —    
       Exercised       —         —    
       Expired       —         —    
  Outstanding – December 31, 2013       100,000       0.25  
       Issued       27,083       0.34  
       Exercised       —         —    
       Expired       —         —    
  Outstanding – March 31, 2014       127,083     $ 0.27  
  Exercisable – March 31, 2014       82,638     $ 0.28